Is it worth it to sign up for medical insurance through your employer? As I sift through a growing stack of medical and dental bills, I am left wondering. Last year, I had an emergency dental situation that resulted in a $1,500 out of pocket expense. I called my insurance to find out why weren't they picking up the tab. The response, "Your employer has outlined your policy and that unfortunately is not something they cover." Although a percentage is withheld from my paycheck weekly, my employer ultimately has the control. They determine plan options, networks and providers. When you leave or are let go, that plan simply vanishes. The false sense of security is gone.
What are the benefits? Employers contribute to a portion of your healthcare premiums, making it more "affordable." Employers typically offer range of plans, allowing you to choose what suits your needs, but does it go far enough? Even just getting routine lab work can cost around $500 + out of pocket, as insurance companies want to pick and choose what they will cover. Now, I understand why people tend to wait on going to the doctors.
Medical insurance frequently offers coverage for fertility services, albeit with restrictions. Sophie, a young executive in banking, voiced her frustration with her insurance coverage during a conversation. As a single woman eager to preserve her fertility, Sophie reached out to her insurance provider, only to discover that egg retrieval was not covered, despite her family history of reproductive cancer. The insurance plan solely covered ultrasounds and labs, leaving Sophie facing a considerable expense of approximately $15,000, plus annual storage fees ranging from $600 to $1,000.
These limitations were dictated by her employer's guidelines. It's noteworthy that there was more extensive coverage available for couples undergoing in vitro fertilization (IVF) compared to a single woman seeking to preserve her eggs. However, the insurance plan did cover embryo freezing, adding complexity to the criteria.
While Sophie pays for insurance, she found that her coverage did not extend to the services she needed. According to a Mercer National Survey of Employer Sponsored Health Plans, approximately 11% of companies with 500+ employees and 19% of companies with 20,000+ employees offer egg freezing as a benefit to employees. However, even if you have coverage, it may not be enough, as many employers impose lifetime maximums and may require a diagnosis of infertility for coverage.
So where do the benefits kick in? At the end of the day, it's your money. Do your research and compare plans. Perhaps it's best to go your own way and seek insurance elsewhere.
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